Exhibit 99.1
MAXIMUS, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
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Year |
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Quarter Ended |
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Ended |
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Quarter Ended |
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Dec. 31, |
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Mar. 31, |
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Jun. 30, |
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Sept. 30, |
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Sept. 30, |
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Dec. 31, |
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Mar. 31, |
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2009 |
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2010 |
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2010 |
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2010 |
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2010 |
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2010 |
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2011 |
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Revenue |
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$ |
203,320 |
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$ |
204,386 |
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$ |
211,527 |
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$ |
212,516 |
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$ |
831,749 |
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$ |
214,114 |
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$ |
227,116 |
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Cost of revenue |
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151,145 |
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153,835 |
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154,514 |
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151,422 |
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610,916 |
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158,155 |
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164,050 |
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Gross profit |
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52,175 |
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50,551 |
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57,013 |
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61,094 |
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220,833 |
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55,959 |
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63,066 |
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Selling, general and administrative expenses |
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27,429 |
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28,787 |
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31,658 |
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30,904 |
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118,778 |
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28,667 |
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33,572 |
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Legal and settlement expense (recovery) |
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686 |
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(6,037 |
) |
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(5,351 |
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Income from operations |
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24,060 |
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27,801 |
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25,355 |
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30,190 |
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107,406 |
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27,292 |
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29,494 |
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Interest and other income, net |
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99 |
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186 |
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442 |
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189 |
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916 |
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491 |
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919 |
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Income before income taxes |
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24,159 |
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27,987 |
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25,797 |
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30,379 |
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108,322 |
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27,783 |
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30,413 |
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Provision for income taxes |
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9,559 |
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9,996 |
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9,672 |
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9,698 |
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38,925 |
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10,196 |
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11,375 |
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Income from continuing operations |
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14,600 |
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17,991 |
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16,125 |
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20,681 |
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69,397 |
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17,587 |
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19,038 |
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Discontinued operations, net of income taxes: |
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Income (loss) from discontinued operations |
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(1,972 |
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752 |
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1,200 |
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1,060 |
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1,040 |
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(265 |
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Loss on disposal |
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(28 |
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(28 |
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(105 |
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(554 |
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Income from discontinued operations |
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(1,972 |
) |
752 |
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1,200 |
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1,032 |
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1,012 |
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(105 |
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(819 |
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Net income |
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$ |
12,628 |
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$ |
18,743 |
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$ |
17,325 |
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$ |
21,713 |
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$ |
70,409 |
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$ |
17,482 |
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$ |
18,219 |
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Basic earnings (loss) per share: |
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Income from continuing operations |
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$ |
0.41 |
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$ |
0.52 |
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$ |
0.46 |
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$ |
0.60 |
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$ |
1.99 |
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$ |
0.51 |
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$ |
0.55 |
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Income (loss) from discontinued operations |
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(0.05 |
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0.02 |
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0.04 |
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0.03 |
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0.03 |
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(0.02 |
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Basic earnings per share |
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$ |
0.36 |
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$ |
0.54 |
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$ |
0.50 |
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$ |
0.63 |
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$ |
2.02 |
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$ |
0.51 |
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$ |
0.53 |
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Diluted earnings (loss) per share: |
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Income from continuing operations |
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$ |
0.40 |
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$ |
0.50 |
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$ |
0.45 |
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$ |
0.58 |
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$ |
1.93 |
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$ |
0.50 |
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$ |
0.54 |
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Income (loss) from discontinued operations |
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(0.05 |
) |
0.02 |
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0.03 |
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0.03 |
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0.03 |
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(0.01 |
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(0.03 |
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Diluted earnings per share |
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$ |
0.35 |
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$ |
0.52 |
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$ |
0.48 |
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$ |
0.61 |
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$ |
1.96 |
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$ |
0.49 |
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$ |
0.51 |
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Dividends per share |
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$ |
0.06 |
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$ |
0.06 |
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$ |
0.06 |
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$ |
0.06 |
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$ |
0.24 |
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$ |
0.06 |
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$ |
0.08 |
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Weighted average shares outstanding: |
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Basic |
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35,191 |
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34,817 |
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34,847 |
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34,455 |
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34,827 |
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34,361 |
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34,422 |
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Diluted |
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36,078 |
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35,960 |
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36,008 |
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35,614 |
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35,930 |
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35,420 |
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35,574 |
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